Foundation Medicine Inc. (FMI) Stake Decreased by Macquarie Group Ltd.
Macquarie Group Ltd. cut its stake in Foundation Medicine Inc. (NASDAQ:FMI) by 20.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,000 shares of the company’s stock after selling 20,000 shares during the period. Macquarie Group Ltd. owned about 0.23% of Foundation Medicine worth $1,493,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Advisors LLC increased its position in Foundation Medicine by 11.7% in the second quarter. BlackRock Advisors LLC now owns 6,107 shares of the company’s stock valued at $114,000 after buying an additional 641 shares in the last quarter. Bessemer Group Inc. increased its position in Foundation Medicine by 7.8% in the first quarter. Bessemer Group Inc. now owns 7,250 shares of the company’s stock valued at $132,000 after buying an additional 525 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in Foundation Medicine during the second quarter valued at about $135,000. Nationwide Fund Advisors increased its position in Foundation Medicine by 9.3% in the second quarter. Nationwide Fund Advisors now owns 8,493 shares of the company’s stock valued at $158,000 after buying an additional 726 shares in the last quarter. Finally, State Treasurer State of Michigan purchased a new position in Foundation Medicine during the second quarter valued at about $224,000. 30.97% of the stock is currently owned by institutional investors and hedge funds.
Shares of Foundation Medicine Inc. (NASDAQ:FMI) opened at 23.76 on Tuesday. The company’s market cap is $829.87 million. Foundation Medicine Inc. has a 52-week low of $13.34 and a 52-week high of $25.31. The company has a 50 day moving average of $22.84 and a 200-day moving average of $19.75.
Foundation Medicine (NASDAQ:FMI) last posted its earnings results on Tuesday, August 2nd. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.79) by $0.05. The company had revenue of $28.24 million for the quarter, compared to the consensus estimate of $26.72 million. Foundation Medicine had a negative return on equity of 34.56% and a negative net margin of 78.06%. The business’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.98) EPS. Analysts forecast that Foundation Medicine Inc. will post ($3.12) EPS for the current fiscal year.
Several research analysts have issued reports on FMI shares. Zacks Investment Research raised Foundation Medicine from a “sell” rating to a “hold” rating in a report on Friday, September 9th. JPMorgan Chase & Co. reissued a “hold” rating and issued a $25.00 price target on shares of Foundation Medicine in a research note on Wednesday, August 3rd. Janney Montgomery Scott downgraded Foundation Medicine from a “neutral” rating to a “sell” rating and set a $15.00 price target on the stock. in a research note on Wednesday, August 3rd. Finally, BTIG Research reissued a “hold” rating on shares of Foundation Medicine in a research note on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Foundation Medicine presently has a consensus rating of “Hold” and a consensus price target of $20.00.
In other news, CEO Michael J. Pellini sold 10,160 shares of Foundation Medicine stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $17.63, for a total transaction of $179,120.80. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Jason Ryan sold 13,863 shares of Foundation Medicine stock in a transaction on Friday, August 19th. The stock was sold at an average price of $23.92, for a total transaction of $331,602.96. Following the transaction, the chief financial officer now owns 61,148 shares in the company, valued at approximately $1,462,660.16. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.
Foundation Medicine Company Profile
Foundation Medicine, Inc is a molecular information company. The Company sells products that are enabled by its molecular information platform to physicians and biopharmaceutical companies. The Company’s segment is the business of delivering molecular information about cancer to its customers. Its products provide genomic information about each patient’s individual cancer, enabling physicians to optimize treatments in clinical practice and biopharmaceutical companies to develop targeted oncology therapies.
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